Gunner construction has consistantly used the percentage-of-completion method of recognizing revenue. During 2014, Gunner started work on a $2,500,000 fixed-price construction contract. The accounting records disclosed the following data for the year ended 12/31/14: Costs incurred=$465,000 / Estimated cost to complete=$2,085,000 / Progress billings=$550,000 / Collections=$350,000. How much loss should Gunner have recognized in 2014?